REGISTERED NUMBER: |
Financial Statements |
for the Period 1 June 2022 to 27 May 2023 |
for |
Skills Direct Ltd |
REGISTERED NUMBER: |
Financial Statements |
for the Period 1 June 2022 to 27 May 2023 |
for |
Skills Direct Ltd |
Skills Direct Ltd (Registered number: 06094227) |
Contents of the Financial Statements |
for the Period 1 June 2022 to 27 May 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
Skills Direct Ltd |
Company Information |
for the Period 1 June 2022 to 27 May 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and |
Statutory Auditors |
Venture House |
Calne Road |
Lyneham |
Chippenham |
SN15 4PP |
Skills Direct Ltd (Registered number: 06094227) |
Statement of Financial Position |
27 May 2023 |
27.5.23 | 31.5.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Skills Direct Ltd (Registered number: 06094227) |
Notes to the Financial Statements |
for the Period 1 June 2022 to 27 May 2023 |
1. | STATUTORY INFORMATION |
Skills Direct Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts and settlement discounts. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Financial instruments |
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method. |
Basic financial liabilities, including trade and other payables, bank loans and loans from fellow group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Skills Direct Ltd (Registered number: 06094227) |
Notes to the Financial Statements - continued |
for the Period 1 June 2022 to 27 May 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Employee benefits |
The costs of short-term employee benefits are recognised as as liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. |
The cost of any unused holiday entitlement is the period in which the employee's services are received. |
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
Skills Direct Ltd (Registered number: 06094227) |
Notes to the Financial Statements - continued |
for the Period 1 June 2022 to 27 May 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 June 2022 |
Additions |
At 27 May 2023 |
DEPRECIATION |
At 1 June 2022 |
Charge for period |
At 27 May 2023 |
NET BOOK VALUE |
At 27 May 2023 |
At 31 May 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
27.5.23 | 31.5.22 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
27.5.23 | 31.5.22 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
7. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
27.5.23 | 31.5.22 |
£ | £ |
Within one year |
Between one and five years |
8. | SECURED DEBTS |
A fixed and floating charge over the companies assets has been given in respect of a factoring debt of £547,243 (2022: £948,937). |
Skills Direct Ltd (Registered number: 06094227) |
Notes to the Financial Statements - continued |
for the Period 1 June 2022 to 27 May 2023 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | GOING CONCERN |
The directors have given consideration to the continual changes and volatility within this sector and the effect on the ongoing trade of the business. The directors will continue to review the trade position and react accordingly. |
The directors believe that the business has sufficient prospect of trade and adequate resources to meet its liabilities for a period of no less than twelve months from the approval of these account, therefore the financial statements have been prepared on a going concern basis. |
11. | ULTIMATE PARENT COMPANY |
The Company is included in the group accounts prepared by the ultimate parent company, Recruitment Acquisitions Group Limited, copies of which can be obtained from Unit 4 Lancaster Place, South Marston Industrial Estate, Swindon, SN3 4UQ. |
Recruitment Acquisitions Group Limited is also the immediate parent company and heads up the smallest and largest group preparing consolidated accounts in which the Company's results are included. |